SOLUTION: Norman and Suzanne own 28 shares of a fast food restaurant stock and 68 shares of a toy company stock. At the close of the markets on a particular day in​ 2004, their stock portf

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Question 1136670: Norman and Suzanne own 28 shares of a fast food restaurant stock and 68 shares of a toy company stock. At the close of the markets on a particular day in​ 2004, their stock portfolio consisting of these two stocks was worth ​$1488.00. The closing price of the fast food restaurant stock was ​$24 more per share than the closing price of the toy company stock on that day. What was the closing price of each stock on that​ day?
Answer by ikleyn(52786) About Me  (Show Source):
You can put this solution on YOUR website!
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It is easy to solve using a "single equation setup".


Let x be the closing price of one fast food share.

Then the closure price of one toy company stock is (x-24) dollars.


The equation for total stock portfolio is


    28x + 68*(x-24) = 1488  dollars.


It is your base equation. From the equation,


    x = %281488%2B68%2A24%29%2F%2828%2B68%29 = 32.50.


Answer.  $32.50 for one fast food share and 32.50 - 24 = 8.50 dollars for one share of the toy company.


CHECK.   32.50*28 + 8.50*68 = 1488 dollars.    ! Correct !

Solved.